On Tuesday, Paytm announced its venture into the credit card biz with the launch of its Paytm First credit card, collaborated and issued by Citibank India.
The company in a statement, the contactless-enabled card issued by Citi will render one percent cashback on all transactions without any limitations and will be auto-credited to the card every month.
The card will be accepted in and outside India with an annual fee of Rs 500, which will forgo on spends exceeding Rs 50,000 per year.
Paytm said that customers can apply for a credit card on their app, where they can be able to track offers via the Paytm First Card passbook conveniently.
Its First Card customers will be gifted a Paytm promo-codes worth Rs 10,000 on spending a minimum of Rs 10,000 on the credit card within the first four months of issuance.
Vijay Shekhar Sharma, Chairman, and CEO – One97 Communications, the parent of Paytm, said,
“We are delighted to partner with Citi to launch the Paytm First Card. Our new offering is designed to bring utmost flexibility to our customers in their digital payment options and will help spur large-ticket cashless payments. We are confident of getting a very good response from our customers.”
The Paytm First card will be offered on individual digital behavior, and has nothing to do with Paytm First, the company’s premium subscription-based rewards and loyalty programme launched in March, this year.
Stephen Bird, CEO, Global Consumer Banking, Citi, during its launch said that,
“Paytm First Card gives us the opportunity to extend our expertise in credit card services to a new all-digital consumer base. What began as an institutional relationship for Citi has grown into a stronger and deeper partnership across the Citi franchise. Today’s announcement affirms how Citi is establishing itself globally as the partner of choice to accelerate growth for our partners, customers, and business.”